Cbanker: Russia’s import dependence undermines ruble stability

MOSCOW, Nov 2 (PRIME) -- Structural disproportions of the Russian economy precondition its dependence on imported goods and make the target of attaining stability of the ruble impossible, First Central Bank Deputy Chairman Dmitry Tulin said Monday.

“What these disproportions lead to in the current foreign economic and foreign political conditions that we have? Firstly, we are unable to avoid volatility of the currency exchange rate… We would like it to be stable but this is not possible,” Tulin said.

Tulin also said that every ruble weakening leads to a strong price increase, while strengthening of the ruble only makes prices grow slower, which “worsens our possibilities to stick to our policies.”

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